The Zurich-based crypto platform Relai plans to expand its user base and offer additional features such as a Bitcoin debit card in its app. Despite the recent crash of crypto prices, investors continue to invest privately in cryptocurrencies. Zurich-based Bitcoin app Relai has received €2.16 million in its latest round of funding. The investment was led by Redalpine, with additional support from Polytech Ventures, Bitcoin-focused Fulgur Ventures, and ACE & Company.
More than 850 investors participated with an extra €970,000, significantly exceeding Relai’s target of €1.5 million. The fresh funding will allow Relai to expand its user base across Europe, where the app has already been downloaded more than 100,000 times. They also plan to increase the number of currencies that can be used to invest in Bitcoin.
The company also plans to launch a Bitcoin debit card that will reward users with Bitcoin every time they use it for fiat purchases. Founded in 2020 by Julian Liniger and Adem Bilican, Relai aims to make Bitcoin investing and saving possible for anyone, anywhere. Julian Liniger, CEO and founder of Relai, said: “Our goal of exceeding almost €700,000 and welcoming more than 800 new investors was the highlight of the Relai trip. We have ambitious plans to grow our user base. We will continue to innovate our app and products to provide an even better experience for our users.”
Since the startup’s launch in July 2020, the app has been downloaded over 23,000 times and is actively used by more than 10,000 paying customers. Peter Niederhauser, co-founder and partner at Redalpine, said: “We want to help accelerate the mass adoption of cryptocurrencies by facilitating access to their lead currency, Bitcoin.“